Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0088%/8h= −9.7% APRpaid last 24h −0.004%

Price spread now: MEXC against Phoenix−0.028%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 3 days (all we have)−0.139%−$14 · spread now −0.028%, 7d avg −0.114%

Together, before fees−0.260%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.085% dearer against Phoenix than usual: you sell high and buy low (spread −0.028% now, against its 7-day average of −0.114%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ENA	0.2127	0.0188	pay 0.0024% / 1h	49m 15s	$7K	$351K	10x
Short	MEXC ENA_USDT	0.2126	0.0100	get 0.0050% / 4h	2h 49m	$44.9M	$43.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee MEXCbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$18.57
Price spread: −0.028% → −0.114%: $8.54
Slippage, 4 orders: −$30.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$47.41
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Phoenix: live order book, 17 min ago; MEXC: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 17 min ago	1.86 bp	16.6 bp −$17	59.6 bp −$596	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.24 bp	2.0 bp −$2	7.8 bp −$78	36.4 bp −$3,640	54.3 bp −$27.1K

ENA on 42 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2129	+0.113%	$79K	$1.6M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2131	+0.194%	$91K	—	150x	as long as short
01 Exchange ENAUSD	+0.0016%	1h	0.2133	+0.282%	$4K	$302	10x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2123	−0.169%	$522	$57K	5.5x	as long as short
dYdX ENA-USD	+0.0036%	1h	0.2134	+0.306%	$141K	$15K	5x	as long as short
Orderly PERP_ENA_USDC	+0.0038%	4h	0.2129	+0.071%	$41K	$23K	10x	as long as short
Lighter ENA	+0.0096%	1h	0.2129	+0.071%	$5.5M	$13.6M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2132	+0.235%	$53K	$526K	50x	as long as short
Nado ENA-PERP	+0.0100%	1h	0.2133	+0.273%	$703K	$1.8M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2135	+0.376%	$1.5M	$3.3M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ENA	+0.0100%	1h	0.2135	+0.354%	$418K	$548K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2128	+0.040%	$132.4M	$444.5M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2126	−0.047%	$87.0M	$186.7M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2129	+0.094%	$21.2M	$109.3M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2124	−0.118%	$17K	$408K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2135	+0.376%	$116K	$253K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2127	+0.016%	$93K	$4K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2131	+0.207%	$10.8M	$20.7M	50x	as long as short
MEXC ENA_USDTshort	+0.0100%	4h	0.2126	−0.028%	$44.9M	$43.5M	200x
KuCoin ENAUSDTM	+0.0100%	4h	0.2130	+0.132%	$24.6M	$16.4M	75x	as long as short
Bitget ENAUSDT	+0.0100%	4h	0.2128	+0.028%	$48.2M	$61.0M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2132	+0.221%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2135	+0.357%	$369K	$383K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2125	−0.084%	$3.8M	$10.1M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2121	−0.280%	$244K	$7.5M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2124	−0.135%	$356K	$4.8M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2126	−0.047%	$32K	$690K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2133	+0.268%	$180K	$2.4M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2077	−2.341%	$1K	$844K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2129	+0.094%	$4K	$10K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2134	+0.348%	$275K	$1.0M	50x	as long as short
Phemex ENAUSDT	+0.0100%	4h	0.2129	+0.094%	$1.9M	$9.4M	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2133	+0.285%	$48K	$110	10x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2129	+0.115%	$75K	$4K	3x	as long as short
Phoenix ENAlong	+0.0188%	1h	0.2127	long leg	$7K	$351K	10x
Kraken Futures PF_ENAUSD	+0.0250%	1h	0.2130	+0.118%	$2.7M	$4.9M	50x	as long as short
GMX ENA/USD [ETH-USDC]	L +0.0251% / S −0.0206%	1h	0.2131	+0.168%	$51K	—	100x	as long as short
Extended ENA-USD	+0.0304%	1h	0.2127	+0.018%	$1.6M	$4.2M	50x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2132	+0.254%	$5.7M	$2.0M	75x	as long as short
Reya ENARUSDPERP	+0.0412%	1h	0.2131	+0.194%	$1K	$5K	15x	as long as short
Hyperliquid ENA	+0.0507%	1h	0.2135	+0.367%	$115.0M	$74.4M	10x	as long as short
Coinbase International ENA-PERP-INTX	+0.0648%	1h	0.2131	+0.207%	$837K	$1.8M	50x	as long as short